{"id":1018,"date":"2021-05-13T09:25:07","date_gmt":"2021-05-13T09:25:07","guid":{"rendered":"https:\/\/bcisnotes.com\/fourthsemester\/?p=1018"},"modified":"2021-05-13T09:25:07","modified_gmt":"2021-05-13T09:25:07","slug":"e-cheque-electronic-payment-bcis-notes","status":"publish","type":"post","link":"https:\/\/bcisnotes.com\/fourthsemester\/e-cheque-electronic-payment-bcis-notes\/","title":{"rendered":"E-Cheque || Electronic Payment || BCIS Notes"},"content":{"rendered":"<h1 style=\"text-align: center;\"><strong>E- Cheque<\/strong><\/h1>\n<p>An electronic cheque, or e-cheque, is a form of payment made via the Internet, or another data network, designed to perform the same function as a conventional paper cheque. Since the cheque is in an electronic format, it can be processed in fewer steps.<\/p>\n<p>Additionally, it has more security features than standard paper cheques including authentication,\u00a0public-key\u00a0cryptography, digital signatures, and encryption, among others.<\/p>\n<p>Electronic cheque processing\u00a0is similar to paper cheque processing, only faster. Instead of a customer manually filling out a paper cheque and sending it to the business they need to pay, technology allows the process to happen electronically, saving both times as well as paper waste.<\/p>\n<p>There are a few steps involved to process an electronic check:<\/p>\n<p><strong>Request authorization:<\/strong>\u00a0The business needs to gain authorization from the customer before making the transaction. This can be done via an\u00a0online payment form, signed order form, or recorded phone conversation.<\/p>\n<p><strong>Payment set-up:<\/strong>\u00a0After authorization, the business inputs the payment information into the\u00a0online payment processing software. If it is a recurring payment, this information also includes the details of the recurring schedule.<\/p>\n<p><strong>Finalize and submit:<\/strong>\u00a0Once information is properly entered into the payment software, the business clicks \u201cSave\u201d or \u201cSubmit\u201d to start the ACH transaction process.<\/p>\n<p><strong>Deposit funds:<\/strong>\u00a0The payment is automatically withdrawn from the customer\u2019s bank account, the online software sends a payment receipt to the customer, and the payment itself is deposited into the business\u2019 bank account. Funds are typically deposited into the merchant\u2019s bank account three to five business days after the transaction is initiated.<\/p>\n<p>If you liked our content\u00a0Introduction to E-Cheque, then you may also like this\u00a0<a href=\"https:\/\/bcisnotes.com\/fourthsemester\/credit-card-electronic-payment-bcis-notes\/\">Credit Card || Electronic Payment || BCIS Notes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>E- Cheque An electronic cheque, or e-cheque, is a form of payment made via the Internet, or another data network, designed to perform the same <a class=\"mh-excerpt-more\" href=\"https:\/\/bcisnotes.com\/fourthsemester\/e-cheque-electronic-payment-bcis-notes\/\" title=\"E-Cheque || Electronic Payment || BCIS Notes\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":3,"featured_media":1019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[285,281],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - 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